Mortgage Rates from the Top Five Bank Mortgage lenders April 5, 2010

The 30 year fixed rate mortgage climbed rather measurably for the week ending April 4, 2010 according to the most recent mortgage rate survey performed by Findlocalmortgagerates.com.  The average rate on the 30 year fixed rate mortgage in the past week has made the largest jump in rate so far in 2010.  From a historical perspective rates remain low however they have been climbing steadily since mid March.

The average rate from the top five bank mortgage lenders ended the week at 5.300% with 0.65 points.  This is an increase from the previous week’s average rate of 5.075% and 0.575 points.

For the second week in a row, all five of the top mortgage lenders raised their rates.  The top mortgage lenders in this week’s survey include:  Chase Bank, Bank of America, Citibank, Wells Fargo Bank and US Bank.

Mortgage rates and points were based on a loan amount of between $200,000.00 and $275,000.00 on a single family owner occupied home based in Illinois with a 20% or greater down payment.  Note – Some mortgage lenders will have regional difference in mortgage rates.

The largest U.S bank, Chase Bank, now offers a 30 year fixed rate mortgage at 5.375% with 0.25 points and a 5.455% APR.  This current mortgage rate is an increase of .125% and a decrease in points charged of 0.125 points.

Bank of America is now offering a 30 fixed rate mortgage at 5.125% up from last week’s rate of 4.875% and costs 1.50 points up from 1.25 points in the previous week. 

Citibank’s 30 year fixed rate home loan is now costing 5.375% and 0.50 points up from 5.125% and 0.50 points. 

Wells Fargo Home Loan 30 year fixed rate home loan comes in at 5.375% with 1.00 point.  Last week Wells promoted the 30 year at 5.000% and 1.00 point.

US Bank markets their 30 year fixed rate mortgage with an interest rate of 5.275% and no points which is 0.25% above the prior week’s figures of 5.125% and no points. 

In summary, the top five bank mortgage lenders are marketing the following 30 year fixed rate loans including the mortgage rate, points and APR of:

Chase Bank 5.375% and 0.250 points and a 5.455% APR.
Bank of America is at 5.125% with 1.500 points and a 5.299% APR.
Citibank’s 30 year is 5.375% with 0.50 points and a 5.547% APR.
Wells Fargo 5.250% and 1.00 point for a 5.444% APR.
US Bank is at 5.375% and no points and a 5.443%.

Additional mortgage rates and point options are available along with additional loan programs from these mortgage lenders.  The contact numbers for the listed bank mortgage lenders to obtain current mortgage rates and additional loan information:

Chase Bank 800-873-6577
Bank of America 800-551-7975
Citibank 800-667-8424
Wells Fargo 877-937-9357
US Bank 888-831-7524

All listed mortgage rates, points and APRs are subject to change.  All information is obtained from the bank mortgage lenders and is believed to be accurate and current as of the posted date.   Mortgage loans and mortgage interest rates are not guaranteed. 

All mortgage loan rates and mortgage loan products require bank approval.